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Youth

Youth Unemployment Tops 1 Million Amid Rising Total Jobless Figure

Strategic Insights

— 1 min read

Youth unemployment is projected to have surpassed the 1 million mark last month, with the total jobless figure increasing by 250,000 to 2.5 million in July. Economists see a silver lining in the figures, which are due out on Wednesday, as the growth rate of unemployment is slowing. The latest numbers mark a 16-year high for youth unemployment, with 17.3% of 18- to 24-year-olds without a job, up from 15% in February.

Key Takeaways:

  • The total jobless figure rose by 250,000 to 2.5 million in July, with youth unemployment expected to have topped 1 million.
  • Unemployment among those aged 18-24 reached a 16-year high, with 17.3% of this age group without a job, up from 15% in February.
  • Almost a third of those aged 16-17 who left school after GCSEs are also out of work.
  • A survey of 900 employers by the Chartered Institute of Personnel and Development and KPMG suggests that nearly a third of employers expect to cut jobs between July and September.
  • Only 24% of employers expect to add to their staff, indicating a grim outlook for job creation.
  • Philip Shaw, chief economist at Investec, expects the Bank of England to unveil an upbeat assessment on the economy, which could prevent fears of a W-shaped recession.

Statistics:

  • 250,000: Total increase in jobless figure in July
  • 2.5 million: Total jobless figure in July
  • 1 million: Projected youth unemployment figure in July
  • 17.3%: Unemployment rate among 18- to 24-year-olds in July
  • 15%: Unemployment rate among 18- to 24-year-olds in February
  • 33%: Portion of 16-17-year-olds who left school after GCSEs without a job
  • 900: Number of employers surveyed by the Chartered Institute of Personnel and Development and KPMG
  • 30%: Percentage of employers expecting to cut jobs between July and September
  • 24%: Percentage of employers expecting to add to their staff

Sources:

  • Grainne Gilmore, Economics Correspondent
  • Unknown
  • Chartered Institute of Personnel and Development
  • KPMG
  • Bank of England
  • Investec (Philip Shaw)

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